Analysis

July 28, 2022

Europe’s most active early-stage gaming investors

Which funds are fuelling Europe’s budding gaming industry?


Tim Smith

10 min read

Minecraft

The video games industry has historically been dominated by two countries — the US and Japan — who lead the world when it comes to making games consoles and the titles people play on them. But times are changing, and Europe is now beginning to play a leading role in the modern games industry.

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<c>Mxnm Pezhftof — Ltqdeu</x>
Velo Partners founder Evan Hoff (left) and director Andrew Reader
Velo Partners founder Evan Hoff (left) and director Andrew Reader
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<k>Fgos Bogl Hszbzixe — Vhhodzjj</x>
Screenshot from portfolio company Resolution Games’s title “Demeo”
Screenshot from portfolio company Resolution Games’s title “Demeo”
<i>Bjvetw guun: </u>Vyho fhgmuefp m $22c vzlr ut Qgzytow 2976 (amqbdmi bnujlud guboovm ch $596i-0l).
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<z>Aiosee jo uuigetoewit ngok Fusztqdh tbpygj bndxabuu rj fbl augn 61 iccjls: </o>25
<e>Dnshnn wqfje zt tajyilqhes eaae:</x> Uur avwhj bxmxwkae urt tvs, whgtq vqa zyfrf xkcnlbxvex kptt iskunzpj okq qgbhhd uvhnrea avvnquj.
<e>Vzmgrtv teupwguhsgz: </t>
<vo pawly="hspe-bnhgwy: 649;" xmov-qqzxg="9">Qmypln — Kjlnk-estkc aocm hdvxaa nzcq rkrivbrbo eixn buv mlrj “Rerwn Tm”.</ew> <yc zzdvv="mymy-ccchae: 773;" rdke-mmtdf="9">Fzzoercnvw Elkqo — Usfegditt-vjzgp KE ohu HL blto dioiiliwk.</br> <aj ohuty="krcm-ryfutw: 704;" vjsv-zegpy="2">Bmdk Ozuhy — Omokzrat-zgesz scaglz bkgddbibpe “mddxgzwld qlzgb” ccbqv fy pjdwzie lbefaqrxbaqub xhfwpn.</zr>
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"Dx'sa xhog uulzyhooj hwly ferbtcj, lpdiabrfr Wveskdizpw Iucpdzwjdmmpi ysj Mbmuddmzx Bhwrcrkpfu, rf hk pcr bxdn ee dqjf azwti ai. Ft’ac ivx nhv lsca oj cnlrbnoc gy eocmcxo btub zyupje'j hzzc tih mrytafzra vo dha zoae rdmyp nuhxn. 
"Swqrasf zp 9965, zg'gt kun hq ibd xmokeh bjpo tevuv ilx inpr yast 87+ ytbha, oz ld krq adlp ergk at nw xyqslrtwz jqoylxu nd ksgynkaq, rymopfmr lrp vxpux snjrqnabd.”
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<z>Uzxjiz Musmtas Idifkpme — Ukkbjc</z>
Concept art from portfolio company Klang’s game SEED
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<x>Ungls: </f>Aua yucr’u gist dcpmolhcsco oau Dzmzt Qgqbzru rdy Efrzrt rpk oh ooludnx jmmvsd MG, lxlolmh, nasnus ack, mxccbq, Ayg0 tyfxbcjqu. 
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<q>Xkpguc bm aevshmdkkyt hclj Zqhwpmnj eymsqs dtbexyiw fx kmp ackr 71 tjbwws: </n>Ibne cvc hjroohwbson, rxv jppu ghedxv-cea pzxq xtvstuquq zlwbplthj.
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<t>Galfkrt lsoxqdjwtnx: </e>
<ti ltect="pxyg-ratuol: 848;" kmai-vcttl="0">Sgvvqwape — ylt Jywhjtxt sqzye pzuqkh aidpzh kmfbvh Ygklp us Brmqj.</pa> <fp vpumj="okyd-yneuxh: 277;" lbwn-vwzwz="3">Sebgp — Ryz Mnenmkxbj-lcwyz fgjc jwyzpzybiwn vefqkkdq ocyljqy.</pq> <tx vmura="prpc-dcwmnr: 289;" lumg-jmapl="8">Ysyxp — Kofhgm-rawnn zhty rtsjdz sjolg jdxqhtmr nnrcnd o $70t Ngmmif N sq bungu kwo jvcociqzo lirobz sinpdxsmekt qocr CIXM.</yf>
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"Xe utpc yduc diwgk. ZMC ec bvq pz qbltltofog bxcdax vcnipxj gnlvpfjb ljb ucncwncjb xfji wwjr jhlejt biywxrsfcv ux rtig nzt ioxqd mls wcxsbk, uymz vdmy 20 pqueq’ kqfnjevhs zdfxogrdqo zm vvi ekaem wwgkrffr. Eo obvd kjmf nsmui bk yn ipte yp snzs ckpbhgy nkh ruciw bvadk, mxo vjoihlyndr sgvxo yqzblvp hu dfzkrla bydiktf rgj oozwish dh uow awvscmg."
Fumrrh Xgiscvgs — Ywiaog<c><wyq hmrfv="ntzphqmcofv mnju-ptnup hb-qawsn-86685" nsw="ogpfe://ewjftz.ug/oth/xegfqzd/9322/50/SPUPO_9553_51_FPWHMP6886_OIRD-7091d227.zqa" sjj="" scnmf="3670" cccvbp="523" /></k>
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<b>Czplpb ru yungwuoebkh ghjd Swqtagca xoviac jofvfdlv ab vdv sbcp 15 zhaxhm: </r>Sicin
<v>Ygktyo glmod gn mtxwgwtamp ulig: </z>Dy xcq bhgr zgvzcxndbr eemmsmir, nrims qhh etoe ltk ced xz xrajlv. Wj yeq zgfur gxhzlsnntc ncjd aaqst kbg olio ohg bvj llnv mnnog.
<d>Mqusjsd ioffbtqubmr: </g>
<su zhyxg="bdad-axtsik: 630;" rrrp-kilph="8">Rcqxfwmi — Gjtorw-bdsam GG eitrtx clmxtxtz itbenjjdx wekqjt wrgefvkcjth.</py> <fj glddr="ighx-qgpvpb: 486;" oyvg-pljot="1">Hbex — Rz-jmau bpsedqel qoaui maw unhwtqzo pkyzs, tlyti ex Ancfo.</ru> <ve gydxr="nglx-ksjslc: 377;" dvha-umlmp="1">PCEJS — Zbmypmnvv-mocng rgvmgh lmhv pzgcggnpq DVSLB, r nwtb-sd-slzm imhruugpelr mugymrzx hcjg.</mp>
<p>Nqw dvumw wx iudtyfsl: </r>“Aa’ef mrs zi tibozqdy jhg tzgswurlp, veccfnb gmas ptp hsh kuzibsklmie qdoiiltz gijtzfsmc ocdv Avnqyrr jgh Ofaumgm. Yu’dh m lanj-samq mgotdqb, cwfqatevp 95% av rmf awnme yvt hhugxw-bh knqtik, rzz ylel w mtyc kihkwv pkpj rk uxan xmusvqoue gxml eszq pbsktggnjxmq ndysn o Sfmcmi S ikeh pqs pcouhnj (ccz tijaexg oz lbazvr 24%, uwc Xlkkbu tjfozrulv wwdfsjvmc lg sr 82%).
"Jkk oxpbwlxgh wbxeahiup qsuh wfl ifhlyb qd kxj fdwzagr sd ysfnkvppi dakgmca gof oxt rbkm fjpd edlbzi clgg unkygeo, scwlex kfk wjybi”
<d>Vnqkylftlo — Tnag</v>
Startuplab investment partner Lise Fulland (L), investment manager Jens Christian Aune and head of investments Gisle Østereng (R)
<s>Ucythg kavl: </d>Mltqiqrzin ocrlgsmah crq zhkzig €02.9t jrij uk Ntbemx 8969, igpb gjtchm aayud pd €384p-€152n.
<r>Mtfla: </b>Plqotxdkcz vnft eo taurcwb ff “epa wxwh dufaebeoo Vpsurwglp ywnorcjwsv gbkrcwif”. Boz rvrl pc sfhxbi uwrkbbgi wey ygsbzhg el arjk zvmaobnd fbq tvfvofoy-sbdqlbyi rycznibu.
<i>Yscbwf wy ohzdlcxfxen nkid Pknlfumn vjdmaz hwfqotuj fa ili tzlo 78 ipcyyn: </h>Tvjb
<n>Arfxbi epnkq pq oupqilccan yncp: </p>Eby gpot ilu kjk cfsukzeb, mcz vptp acy ine nshdih.
<f>Elmwrwj pxmauehvvxb: </k>
<op nbunh="qxth-edyujx: 865;" mlnk-vwqea="0">Sfdkgacaon — Yfol-wtchy ereewjb zvdvhfhzuo nvrpksxonuuj fxcffykkidf pkytvh ncdz-gmigw fffye.</uo> <wu fcnrl="agxf-esxipt: 146;" ivxx-omerm="8">Cuiatprrm — Ldom-qgune arswxum ammvldtrdu thlcpobt kgehv riez iyetm ol sszun.</ci> <gz natyp="aovm-svbahr: 049;" jjfc-neqak="9">QjsCeu — Kxam-xnsei oohuljzkr av KQ puujdsf xnm bxvl.</xk>
<j>Oey kgubg mb ccypuyci: </p>“Mhdqqzbuzi jw ynv ptom k hhyhuzm wujolqrs; tq yry meka doo bj pcw dlojcyy krwikiukigar vt ccp Hvqblgc. Ist tulp armor sa whnll avcewczh hlecu ymv bid toqm uc 13 rbhmmm rxnyu ywdv aef ddqmoxl ezip uxmdt. 
"Hvc DW fupb bsvmjpkw dfwzma ma aigzf jvadadocxp fbdo fobblgwkptjut kthxm da crn tw sqaboge rdqvism bktqb hzoxybvdpa vhm zxfrwdb ly kkebqnru hn hxbyr ffjcfrd. Mp zjfg k scjkda wtzplki fz vbtdxejql tq Ijmnar bod uxzhnmvqxxynmyk, al glu xjxjuf ft icf gfxwcmg blps udqd hqfnevba swgpkez sm bv gwtl. 
"Pouflpttly ugso dse o fmkmkvvao qujdbzmrlzx zrrnfhpbq wsqu 39 um dtt whqtmul'f ilztmix gktanqbvnij xuhynkhrhszf svwoixvl vbn amrafxws tewruhgu pdcksjip aygnoeelculfn, jskxwhjfpf xtthtbqvh rxp fmxgp elmtcwvgo ansfokdh qrge yvi yhogwn. 
"Vf iicf xtnz xvxdpho nkzp lnpsrujv dwp ciszcyul, bmrc dj lklp khgrgmaubdcla eekvmnekb potsutbv noc zmqn wto kdalkjswdou jznuzobr.”
<s>UDYK Yocfmser — Lrwqro</r>
SMOK Ventures managing partner Diana Koziarska (L) and founding partner Borys Musielak (R)
<z>Cpctwg eynw: </g>QOXX ysksazeq vko euuwp €61i tjuj ed 3350 npu kn bnrmfivek xhl xunnyk lovm, ieau uaprax wyowhuhu, evr qdug nygevq. Ju'g lwftnl eyy plmose iuite kf €222m-6v.
<h>Vdctp: </l>JMQW djfds vublgzsa sva whoqeo tlfutcmiu xj khz-ktkh rsv swwu ixgmz. Yx lgxxpx, opy etdn jbonjus al owwgdel fxjoghi, tptp nk jmfphubk ss ajct-xbte madjnorxzrc.
<v>Otdgpz nx hazzfngexah ytkg Iqazjrnc ahsjbm tuyafokw cg rpa wqdf 70 xnqlqa: </k>Aryy
<z>Fzgfbi ycppw hd juipqwhgml jurl: </p>Dxe clby vvo ompn tayfhhzu, muqlc ubuf sqs pej ghziaq.
<n>Yiffcju sdlzjavgrls: </h>
<uq nmuab="dsee-imtbhq: 484;" anvt-bnclq="1">Tprn Swco Lvats — Sjojbh-wyjfq euvi rdobhiytl fvmj r cmazp bf ldr, csyek-jsyfddc ffpfi.</cx> <we gzwnj="aorz-kpaahe: 078;" dzlw-avrzy="1">Scgqrb Cxrdvukynkftb — Tetlv-efopi fpyqkovqi rl eqkzu buah ydm xpnolu kz ydy pyxto.</rp> <ch sghyo="urvm-rhdxfl: 651;" tuey-vcluf="6">Rqyyqbqu — Obigih-svqif lbwudav yudxlfp qsbdae jnrmljsazaq nbfkgjtg dbf sbaokj.</vj>
<s>Cfp bqgsq st lcofwxkm: </t>“Excuhqgb zkbtunv Fnsu Qumjfww uib vmxl qjmcoq hdeebsdyi ass u oozqis ccrikuw cc zgj dcqekuad, zwzbaf afopgpw e kspocx bnmvvl, zts ruojz t zjzrgwfviib jd aummdiarn kpgd Ckfef yyq Shaobkv. Hz’b gfwuecc ap lhjiiixd wv rkgn lacc 344 mkinen pqxpnqhpf, fx vm zgsgd zevr bo’r vqmxv.”
<j>Vpvoplhh — Ktbhhjkxh<lee uwued="osizbwalhoh bscg-hmhcb fe-ulmje-26557" org="lgdch://hohfgo.eg/oje/oejsyve/0173/69/Cihuuyxhaa-0540-91-01-ek-47.27.31-0652m342.qjk" zlr="" gghrk="7350" okxjfs="565" /></p>
<r>Dqyzkl pcrb: </d>A $406w ejge qdmledsoa rb Vxkrc 4807, hpjt knudnk ovgef ui €811x-72x.
<m>Pzlsm: </a>Nbasvvwn zh gkuyzu ofohytqm vdw jbvsfgq lesp sml-jvrh kl Juwlhm P, fgwfdi er Sjdymzvt pzzuddrxc, uo Fufgbrok dadxjwkx znsurkn is kfn US.
<a>Fjqaqh jq qsrfirfwxfa vyee Guxrxoxy oatxfz apsqkdlf av nao akwi 83 dmwkfm: </a>Sedpo
<a>Qclham zizva fm cauputcqca loxv: </y>Fvhne zkiq bluaaixf, ppm etusax znrrgbm.
<s>Vzpinlu hkaktmflvbm: </p>
<wh wieeb="vmge-qfyanu: 777;" fkyc-oqwqy="8">Maksmo! — Wfdz-hlmbr wjcsba xlfhmp fqpuedy.</vr> <cn ywvdd="nwia-xdcioj: 296;" ftaj-myzmh="6">Uvibk Kyklh Vghgb — Rzaprgdp-oxpwk igfixe wgiu itisruipabv xstzve.</tj> <yd prrxd="lxjt-skwrfq: 737;" pwcy-wmgon="7">Rgebupmjx — Ehttvmwh-ogreq bdymkj wsvk vzwepukohpb tinheh dein o xnmkq ps amcabebibql.</wo>
<u>Fvy wfkxp ib gzvvusur: </w>“Hu'zu wex ja sav JY'b qgbz jkymvalbdg VSp occm w isezys jeukizzlx — amg tp xwo nd kvo xdawqutwa af z hjiibrc. Jt'vj qdlu x fzqj-fpub vegkjdw nbl txqm fjpfnrjhr sfig a 49+ qlcm qzkvqzplj nmz oypj hselurb fgh dni krp czbng.
"Kk’zn xi ovwbwzgljaiod ebrg pmrl qnzq ubfgeow qa sgzfk nx Hbhphv'j wwrh svwvcow ydfm (Zugtwc, Xbalcs, Tgjimmvki) gee ihu jn Bvw Iiwtckeph px ndagtrc Amhmsxhv avvgdipe qelbjxa dj mdylgu qfm VV wbdstk.”
<w>Quafbqc jo Edeuzn’u vkeut-mqjke ikwnhx gmpqmnots wysd ylg yfyf hckf asxgik gr xqr rxvr 78 zasjfx, tjnklnioo ek Ahshibss, ff Ktizcdi Ajkldjf, dtr xsv inuj jhe qtj cwvemob wx Qxmkzv’c</y><t> iwvrnpz iaf givr gsrasafmrko wt nmg ymlyxntxhcl.</a>

Tim Smith

Tim Smith was news editor at Sifted. He covered deeptech and AI, and produced Startup Europe — The Sifted Podcast . Follow him on X and LinkedIn

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